Top Cryptocurrency News Today: The biggest moves in Bitcoin, NFTs, crypto rules and more

The global crypto market-cap now stands at $1.27 trillion, a 2.36 percent increase over the previous day. The total crypto market volume over the last 24 hours is $2.12 trillion, which makes a 869.28 percent increase. The total volume in DeFi is currently $1.94 trillion, 91.89 percent of the total crypto market 24-hour volume. Bitcoin's price is currently $29,979.68, with a dominance of 44.81 percent. This was a 0.74 percent increase over the day, according to data from CoinMarketCap. Read More Here.[/body

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Crypto meltdown deepens as stablecoin Tether drops below dollar peg

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The meltdown in TerraUSD, one of the world's largest stablecoins, sent shockwaves through cryptocurrency markets on Thursday, pushing another stablecoin Tether below its dollar peg and sending bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off across higher risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The sell-off has taken the combined market value of all cryptocurrencies to $1.12 trillion, around a third of where it was last November, based on data from CoinMarketCap, with more than 35% of that loss coming this week. Read more here.

Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency rules, a senior watchdog official has said. Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO) said the boom in digital currencies such as bitcoin was one of the three main areas authorities were now focused on, alongside COVID and climate change. "If you look at the risks we need to address, they are multiple and there is a wall of worry about this (crypto) in the conversations at an institutional level," Alder said during an online conference organised by the OMFIF thinktank on Thursday. Read more here.

Digital art was born in the 1960s, but the 2020s will surely go down as the era when the medium came into its own, and turned the art industry upside down in the process. Technology, in the form of non-fungible tokens (NFTs) such as CryptoPunks, has played a key role in disrupting traditional art-market dynamics. Online marketplaces and platforms have enabled artists to dispense with gatekeepers, birthing a billion-dollar business that favours creators. Read more here.